It was clear to most of us that the party changed in July 2004. Prior to that anything would sell quickly with multiple offers. However, the time when this was happening was concentrated between October 2003 and May 2004. I think alot of it was emotional and sheer lack of inventory that made things so crazy. People were desparate to find a home and when inventory was in the 3,000 it was nearly impossible to get one. At least one that you wanted.

As I’ve said many times b4. i dont think complex models will be needed. I think it will be pretty obvious to anyone who has been following things fairly closely.